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Asheville-based Innovation Solar raises $14.9M

Solar energy

May, 10 2017, 8:30 AM

An Asheville, North Carolina-based solar company has raised $14.9 million in a private offering, according to a filing Tuesday with the Securities and Exchange Commission.

Innovation Solar Ventures LLC, which operates as Innovation Solar Systems, raised the money from one investor, according to the filing.

The 30-year-old company installs renewable energy solar systems of all types and sizes.

John Green and Richard Green signed the filing. They are the managing partners at Innovative Solar Systems and have years of experience with designing and securing approvals for their world-class solar farms that now have a large footprint in the United States.

Their company has rapidly grown from its early roots of developing and building 2 megwatt-size systems to their current portfolio that is mainly composed of solar farms in the 25 megawatt to 100 megawatt sizes.

Their development services for others around the globe include projects that are approximately 500 megawatts in size and encompass several thousand acres.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism